This is a VERY comprehensive principles text. No Glossory :( but the eight-page-triple column index is very thorough and complete.

Accuracy rating: 4

While I haven't gone over this text with a fine-toothed comb (more of a broad brush), random check of various sections of multiple chapters stuck me as quite good in respect to accuracy and lack of bias. One "gripe" I have is that the name F.A. Hayek appears nowhere. Given the current political/economic climate, some reference to conservative approaches to macroeconomic policy would be relevant. Other than that, pretty darn good presentation overall.

Relevance/Longevity rating: 4

OER texts often end up "between a rock and a hard place" on this issue. Contemporary examples and references certainly make a text more relevant and interesting to students, but they also guarantee some impression of being outdatted in a few short years. This assumes no regular re-writes or revisions of course, which is the norm with most OER texts. But leaving out any references to current events can result in a text that seems bland and encyclopedic. Dang, it's a difficult balance to achieve. Ultimately, I suppose the onus falls on the user of the OER text to revise and revamp where needed/desired.

Clarity rating: 4

The task of making economic concepts and jargon inviting and readable is an onerous one. Too much lilting prose and/or humor can strike some as unprofessional and lacking in depth, while a more staid and largely technical approach can be perceived as pedantic and arrogant (not to mention BORING!). This text manages the balance between the two fairly often.

Consistency rating: 5

Very consistent. Reading through the text left me with the impression that a stable of editors ruthlessly searched for and corrected any inconsistencies (indeed, there were over 40 reviewers). The overall "package" felt well-organized and consistent throughout. I suppose the greatest complement I could give is to point out that this text did not look, feel, or read like a generic OER text. It gave the impression of a product that was produced by a well-financed college text publisher. Actually, that's at least partially the case, since Timothy Taylor's second ed. of Principles of Economics was heavily borrowed from when compiling this OER text.

Modularity rating: 4

Pretty darn good overall. This is tough to do with an economic principles text, given that broad blocks of material build upon themselves, much like a language or math course. This text's modularity is thoroughly acceptable by my standards.

Organization/Structure/Flow rating: 4

Super for the most part. Chapter 4, Labor and Financial Markets, felt like a bit of an interuption/distraction placed between Demand/Supply and Elasticity. Pretty minor complaint and easily rectified by simply omitting or re-arranging a bit.

Interface rating: 5

Gosh, nothing negative to point out on this topic. Again, basing this OER text on an earlier second iteration of a free-market produced product likely pretty much eliminated these sorts of issues.

Grammatical Errors rating: 5

No grammatical errors sprang forth to my picky eyes

Cultural Relevance rating: 4

Thanks for not making this the primary focus of the review. Having largely originated as a publisher-produced product being marketed to culturally sensitive public sector educators, I am confident it was properly and thoroughly vetted in this realm.

Comments

I suppose the most telling comment I could make is to remark that I will definitely be using this text as the primary OER reference in all my in-class Intro, Micro, and Macro Economics Principles courses. I specify "in-class" because the publishing companies understandably still excel far beyond any OER text when it comes to online support and products.

About the Book

Principles of Economics covers the scope and sequence for a two-semester principles of economics course. The text also includes many current examples, including; discussions on the great recession, the controversy among economists over the Affordable Care Act (Obamacare), the recent government shutdown, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen.

The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to micro and macro economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.

Note:Principles of Economics PDF and web view versions have been updated to include current FRED (Federal Reserve Economic) data.

OpenStax College has compiled many resources for faculty and students, from faculty-only content to interactive homework and study guides.

About the Contributors

Author(s)

Senior Contributing Author

Timothy Taylor, Macalester College

Senior Content Expert

Steven A. Greenlaw, University of Mary Washington

Senior Contributors

Eric Dodge, Hanover College

Cynthia Gamez, University of Texas at El Paso; El Paso Community College